GPG chairman Rob Campbell said Coats' full-year sales were down 3 per cent year on year, but it had seen a recovery in the second half.

GPG shareholder funds fell NZ$330m to $852m in the year, pulling the net asset backing per share down from 74 cents to 54c.

The company, which now counts a fund controlled by billionaire George Soros as a significant shareholder, cashed in £314m worth of assets, including Australian financial services group Clearview, last year.

This year it has so far received £37m from asset sales - making a combined total since January last year of $689m.

Aside from Coats, Campbell said GPG still held five material investment assets, and it continued to work to maximise and unlock value from them.

They include insurance firm Tower - in which GPG is the single largest shareholder at 33.6 per cent ownership, Australian agrifeed and salt producer Ridley Corporation, agriculture investor PrimeAg Australia and Australian water investment and agribusiness Tandou.

The fifth material asset is a 72.8 per cent shareholding in property development company CIC Australia.

Campbell said Tower's ongoing strategic review had its full support. Tower announced yesterday it would sell its investments business for $79m, and GPG stood to gain $40m following the earlier sale of its health business.

GPG had also agreed to sell its shareholding in Tandou for proceeds of A$15m (NZ$18.6), and expected payouts from PrimeAg's sale of land and water entitlements and distribution of excess cash. GPG is undertaking a share buyback of up to $170m. As of February 22, it had bought back $67m worth of shares.

Campbell said GPG would need to retain at least $243m in asset realisation proceeds to support its three pension schemes.